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Strapped for cash? You might be able to liquify some of your home equity to cover expenses by using a home equity conversion mortgage, which is essentially a reverse mortgage backed by the Federal Housing Administration. The organization is federally insured by HUD; the agency guarantees the lender will be repaid.
Health care is expensive, more people are living longer and the market is on a roller coaster. Worrying about running out of money in retirement is not unfounded. But with financial planning, you can get some breathing room, so you can face retirement with ease rather than stress.
Couples retiring together means they can start enjoying all the activities they've been dreaming of for years. Will retiring as a couple work for you? It's a good idea to map out the trajectory of how and when you both would like to leave the workforce and how your plans mesh.
A tax credit known as the Retirement Savings Contributions Credit is designed to offset a percentage of the initial $2,000 that taxpayers put toward their individual retirement accounts or other retirement accounts established through their employers. Also called the Saver's Credit, this IRS-backed tax credit makes it possible for people with disabilities to contribute to an Achieving a Better Life Experience account as long as they are the beneficiaries of the ABLE account.
Retiring early is a goal for many people. However, according to findings from the Boston College Center for Retirement Research, the average age of retirement has risen to 65.7 years old for college-educated men, 62.8 years old for college-educated women and around 62 years old for people whose highest level of education is a high school diploma.
The varieties of instruments that can be used to create an investment portfolio are as vast as the night sky has stars. The possibilities range from tangible assets like a home, physical possession of gold bars, to creation of a wine collection that you bet your future on. Some of these investments are much more speculative than others.
If the pandemic proved anything, it's that life tends to get in the way of our plans — including retirement plans. Over the course of the pandemic, many people were forced to retire early, others decided they wanted to retire and still others opted to change their planned retirement date. The number of people affected is high; a recent survey found that more than 80% of Americans say their retirement plans were impacted by the pandemic.
Both individuals and the companies they work for continue to explore new ways to address the finances of retirement. One option is the cash balance plan. It works like a pension plan in that workers can get a lifetime annuity. However, unlike a pension plan, a cash balance plan creates an individual account for each covered employee, complete with a specified lump sum. And it offers potential savings for employers.
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